Aquatic product export expected to rise 13 pct in Q3

Export revenue of aquatic products is estimated to hit 2.7 billion USD in the third quarter, a 13 percent rise year-on-year, said the Vietnam Association of Seafood Exporters and Producers (Photo: VNA)

HCM City (VNA) – Export revenue of aquatic products is estimated to hit 2.7
billion USD in the third quarter, a 13 percent rise year-on-year, said the
Vietnam Association of Seafood Exporters and Producers (VASEP).

After a
strong increase of 17 percent in the Q1, aquatic products exports in the
following quarter slowed down to 5.7 percent, raking in 2.2 billion USD. The
slower increase rate was attributed to sharp decline in shrimp prices amid
increasing global supply.

In July,
export value of aquatic products was at 793 million USD, up by 7 percent year
on year thanks to the recovery of shrimp shipments.

The
figure for the first seven months came to about 4.78 billion USD, up 8.5
percent against the same period in the previous year.

According
to experts, aquatic exports are facing many challenges in import markets,
including anti-dumping tariffs on shrimp and tra fish in the US and the European Commission’s
“yellow card” on illegal, unreported, and unregulated (IUU) fishing.

However, as demand for shrimp is likely to rise and domestic prices of
material shrimps become stable, export is expected to recover in upcoming
months.

Aside
from shrimp exports, VASEP said that tra fish exports will see stronger growth,
at around 30 percent, in remaining months of the year, along with seafood
products like tuna, squid and octopus.-VNA